SPNE - SeaSpine prelim Q3 revenue seen above estimates raises FY22 outlook amid Orthofix merger

SeaSpine ( NASDAQ: SPNE ) reported preliminary Q3 revenue results, which is seen above analysts' estimates, and raised its FY22 outlook amid announcement of a merger with Orthofix Medical ( NASDAQ: OFIX ).

As per preliminary data, the company expects Q3 total revenue to be between $66.7M to $67.2M, a Y/Y growth of 44% to 45%. Consensus Revenue Estimate for Q3 is $64.89M.

SeaSpine expects U.S. revenue to range be in the range of $50.9M to $51.2M, reflecting 23% to 24% Y/Y growth.

Meanwhile, International revenue is expected to be between $15.8M and $16M, a Y/Y growth of 203% to 207%.

As of Sept. 30, cash and cash equivalents were $46.8M, including $25.8M of outstanding borrowings against a credit facility.

Outlook :

SeaSpine now expects full-year 2022 revenue to be between $236M and $238M (prior forecast of $234M to $236M), Y/Y growth of 23% to 24%. Consensus Revenue Estimate for 2022 is $235.41M.

The company noted that revenue range for full-year 2022 reflects growth of 16% to 19% for Q4, after excluding European spinal implants revenue generated in Q4 2021. SeaSpine completed its exit from the European spinal implants market in Q3 2022.

SPNE +14% to $6.35 premarket Oct. 11

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